Equifax breach settlement update?

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cadreamer2015
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Equifax breach settlement update?

Post by cadreamer2015 » Mon Sep 09, 2019 6:49 am

I just got an email purporting from the Equifax breach settlement folks, asking me to confirm that I do have credit monitoring in place as I said in my initial claim for $125. Does anyone know if this email is indeed legitimate? I am always wary about clicking on embedded links in emails I get as this is a favorite tool of scammers.
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student
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Re: Equifax breach settlement update?

Post by student » Mon Sep 09, 2019 6:54 am

It is legitimate.

Seasonal
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Re: Equifax breach settlement update?

Post by Seasonal » Mon Sep 09, 2019 7:01 am

cadreamer2015 wrote:
Mon Sep 09, 2019 6:49 am
I just got an email purporting from the Equifax breach settlement folks, asking me to confirm that I do have credit monitoring in place as I said in my initial claim for $125. Does anyone know if this email is indeed legitimate? I am always wary about clicking on embedded links in emails I get as this is a favorite tool of scammers.
I've seen many people saying that this was a new requirement for the settlement. Here's a random example, posted by a journalist https://twitter.com/ddayen/status/1170839454346432513

Megamill
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Re: Equifax breach settlement update?

Post by Megamill » Mon Sep 09, 2019 7:45 am

What about those who opt for the free credit monitoring? Does it just automatically kick in?

miamivice
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Re: Equifax breach settlement update?

Post by miamivice » Mon Sep 09, 2019 7:56 am

While I haven't looked into it, I suspect that the attorney's were overzealous in offering $125 to each person affected. The final settlement will be far smaller (I am guessing $4), and they are likely giving folks a second chance to pick credit monitoring.

However, if you look at the e-mail, the "10 years" has disappeared from credit monitoring. I suspect the pot of money is not large enough to buy everyone 10 years of credit monitoring. As a result, I suspect the amount of credit monitoring might be far smaller (say 1 year).

I am not going to look into this further as the amount of time I want to spend to claim $4 cash or 6 months credit monitoring is pretty small.

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RickBoglehead
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Re: Equifax breach settlement update?

Post by RickBoglehead » Mon Sep 09, 2019 8:10 am

Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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Stinky
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Re: Equifax breach settlement update?

Post by Stinky » Mon Sep 09, 2019 8:13 am

I had not responded previously on the Equifax situation, but got an email over the weekend soliciting my participation.

The current status seems to be either (1) “up to” $125 cash, or (2) four years of free credit monitoring, followed by six more years of Equifax-only monitoring.

We opted for door #2 for both DW and me.
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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Mon Sep 09, 2019 8:15 am

I filed a claim on this. I dd not respond to an unsolicited email - I did not even get one. I had to "certify" that I already have credit monitoring in place to get any money. I made that certification. Without so certifying, all you get is the "free" credit monitoring for a period.

We shall see how much I get? :sharebeer

Megamill
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Re: Equifax breach settlement update?

Post by Megamill » Mon Sep 09, 2019 9:21 am

Stinky wrote:
Mon Sep 09, 2019 8:13 am
I had not responded previously on the Equifax situation, but got an email over the weekend soliciting my participation.

The current status seems to be either (1) “up to” $125 cash, or (2) four years of free credit monitoring, followed by six more years of Equifax-only monitoring.

We opted for door #2 for both DW and me.
I also opted for door #2 for both DH and me. I saved a copy of the PDF summary for both registrations, but have not received any other correspondence. Do you happen to know if the monitoring started already?

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Cloud
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Re: Equifax breach settlement update?

Post by Cloud » Mon Sep 09, 2019 9:27 am

I wonder if they will accept the free creditkarma monitoring I've had for years and still have.

itsgot8
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Re: Equifax breach settlement update?

Post by itsgot8 » Mon Sep 09, 2019 9:33 am

Megamill wrote:
Mon Sep 09, 2019 9:21 am
Stinky wrote:
Mon Sep 09, 2019 8:13 am
I had not responded previously on the Equifax situation, but got an email over the weekend soliciting my participation.

The current status seems to be either (1) “up to” $125 cash, or (2) four years of free credit monitoring, followed by six more years of Equifax-only monitoring.

We opted for door #2 for both DW and me.
I also opted for door #2 for both DH and me. I saved a copy of the PDF summary for both registrations, but have not received any other correspondence. Do you happen to know if the monitoring started already?
I also signed up for the free credit monitoring but have never received any kind of correspondence besides the confirmation of sign up. It sure would be nice to receive some kind of acknowledgement that it is active.

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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Mon Sep 09, 2019 9:42 am

Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".

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Ice-9
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Re: Equifax breach settlement update?

Post by Ice-9 » Mon Sep 09, 2019 9:47 am

I already use Credit Karma. I signed up for what was originally billed as $125 plus three hours of work involved dealing with the breach, researching it here and elsewhere, freezing credit, checking credit reports. I had read a blog saying the settlement would be $25 per hour for this (up to 10 hrs without documentation), but we'll see what I actually get.

I did not receive the latest email, but my brother in law did. I think he had not specified which credit monitoring he was already using.

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Stinky
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Re: Equifax breach settlement update?

Post by Stinky » Mon Sep 09, 2019 10:24 am

dm200 wrote:
Mon Sep 09, 2019 9:42 am
It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
"Settling" allows Equifax to maintain a relationship with you, and maybe upsell you on other services at some future date ......
It's a GREAT day to be alive - Travis Tritt

rich126
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Re: Equifax breach settlement update?

Post by rich126 » Mon Sep 09, 2019 11:10 am

I just got an email from them as well although I haven't sent them anything and I haven't had time to read it.

I agree with the inconsistencies with clicking on links in emails. One of the most dangerous things you can do, and the easiest way to get malicious software installed on someone's computer.

My company test people with sending fake emails and see who clicks on the "report phishing" links. At the same time they send out too many legitimate emails with links in them for surveys and other stuff. It makes no sense since the average person is not computer security smart.

miamivice
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Re: Equifax breach settlement update?

Post by miamivice » Mon Sep 09, 2019 11:16 am

dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
In my opinion, the judge should throw out this settlement. They offered people $125 in lieu of credit monitoring and folks might get $3. I think that is incredibly scammy on part of the attorney's and the judge should reject it.

I don't see the value of "credit monitoring". I do get alerts through a credit card if anything changes bad on my credit report and can also check my score every so often through my banks / credit cards, so I really don't need any type of "monitoring service".

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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Mon Sep 09, 2019 1:52 pm

miamivice wrote:
Mon Sep 09, 2019 11:16 am
dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
In my opinion, the judge should throw out this settlement. They offered people $125 in lieu of credit monitoring and folks might get $3. I think that is incredibly scammy on part of the attorney's and the judge should reject it.
I don't see the value of "credit monitoring". I do get alerts through a credit card if anything changes bad on my credit report and can also check my score every so often through my banks / credit cards, so I really don't need any type of "monitoring service".
We shall see.

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Cloud
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Re: Equifax breach settlement update?

Post by Cloud » Mon Sep 09, 2019 4:12 pm

dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
I'll just enter credit karma and see what happens I guess. I can't beleive how much time I've wasted on this entire issue, from research, freezing credit, entering a claim, et cetera, to find out I may only see a dollar! I want zero relationship with any of these credit agencies as they can take their free monitoring and shove it. And now it appears they've managed to waste even more of my time!

classicindexer
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Re: Equifax breach settlement update?

Post by classicindexer » Tue Sep 10, 2019 2:38 am

Cloud wrote:
Mon Sep 09, 2019 4:12 pm
dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
I'll just enter credit karma and see what happens I guess. I can't beleive how much time I've wasted on this entire issue, from research, freezing credit, entering a claim, et cetera, to find out I may only see a dollar! I want zero relationship with any of these credit agencies as they can take their free monitoring and shove it. And now it appears they've managed to waste even more of my time!
+1
DW and I also kept cash payment and listed Credit Karma

gtd98765
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Re: Equifax breach settlement update?

Post by gtd98765 » Tue Sep 10, 2019 6:41 am

We have not received any email from Equifax asking for updated info.

Pete3
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Re: Equifax breach settlement update?

Post by Pete3 » Tue Sep 10, 2019 6:46 am

I have credit monitoring from Experian (free), they have additional premium monitoring services that are extra but the base service doesn't cost anything. I think I ended up with an Experian account from another breach-related free "premium" credit monitoring service offer years ago, once that expired it turned into just free "base" credit monitoring. I would assume that anyone could sign up for the free service as well.

Anyway I doubt that Equifax has access to the customer lists of the other credit monitoring companies - food for thought.

Edit: I did get the email and I put "Experian credit monitoring" in the form

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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Tue Sep 10, 2019 8:01 am

Maybe we should have a "pool" on what the final cash payment will be for all of those getting the cash. Sure does not seem like it will be the $125 projected at some point in the past.

My guess: $43.00 :twisted:

njuser
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Re: Equifax breach settlement update?

Post by njuser » Tue Sep 10, 2019 8:41 am

My guess: $2.15.

autolycus
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Re: Equifax breach settlement update?

Post by autolycus » Tue Sep 10, 2019 8:42 am

miamivice wrote:
Mon Sep 09, 2019 11:16 am
dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
In my opinion, the judge should throw out this settlement. They offered people $125 in lieu of credit monitoring and folks might get $3. I think that is incredibly scammy on part of the attorney's and the judge should reject it.

I don't see the value of "credit monitoring". I do get alerts through a credit card if anything changes bad on my credit report and can also check my score every so often through my banks / credit cards, so I really don't need any type of "monitoring service".
It was always very clearly billed as "up to $125". Lazy reporters and social media are to be blame for making everyone think they would get an easy $125, not the attorneys or parties involved in the lawsuit. Anybody who read more than a half-way decent article would have fully understood how little money they were likely to get. Indeed, even the FTC weighed in on this subject, noting how the cash settlement would work: https://www.consumer.ftc.gov/blog/2019/ ... monitoring

Does your credit card include identity theft insurance or any sort of assistance with identity theft? Or just notifications? The Equifax monitoring that is part of the settlement will include monitoring AND insurance and assistance services. 10 years of that is almost certainly worth more than $125, let alone $50 or whatever the cash ends up really being.

miamivice
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Re: Equifax breach settlement update?

Post by miamivice » Tue Sep 10, 2019 9:22 am

autolycus wrote:
Tue Sep 10, 2019 8:42 am
miamivice wrote:
Mon Sep 09, 2019 11:16 am
dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
In my opinion, the judge should throw out this settlement. They offered people $125 in lieu of credit monitoring and folks might get $3. I think that is incredibly scammy on part of the attorney's and the judge should reject it.

I don't see the value of "credit monitoring". I do get alerts through a credit card if anything changes bad on my credit report and can also check my score every so often through my banks / credit cards, so I really don't need any type of "monitoring service".
It was always very clearly billed as "up to $125". Lazy reporters and social media are to be blame for making everyone think they would get an easy $125, not the attorneys or parties involved in the lawsuit. Anybody who read more than a half-way decent article would have fully understood how little money they were likely to get. Indeed, even the FTC weighed in on this subject, noting how the cash settlement would work: https://www.consumer.ftc.gov/blog/2019/ ... monitoring

Does your credit card include identity theft insurance or any sort of assistance with identity theft? Or just notifications? The Equifax monitoring that is part of the settlement will include monitoring AND insurance and assistance services. 10 years of that is almost certainly worth more than $125, let alone $50 or whatever the cash ends up really being.
No, the initial website of the attorney's for the class action (where I filed the claim) said receive $125, not receive up to $125. I found this up-front advertising what the cash payment would be was strange because it always depends on how many claims are received and class action lawsuits that pay cash rarely advertise how much cash will be paid up front.

mariezzz
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Re: Equifax breach settlement update?

Post by mariezzz » Tue Sep 10, 2019 10:01 am

dm200 wrote:
Mon Sep 09, 2019 9:42 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
Don't know. I would try it and see what happens. I do not know, BUT I really doubt they will go to the trouble and expense of verifying all such certifications. It is clear, though, that they want to "settle" this with as many folks as possible with the credit monitoring vs. paying "cash".
https://www.ftc.gov/enforcement/cases-p ... settlement
If you filed a claim before August 2, 2019, and requested the alternative compensation of up to $125, you will get an email letting you know that there are further steps you must take to get your benefits. Follow the instructions in the email. You must amend or verify your claim before October 15, 2019, or your claim may be denied.
...
5. I thought I could choose $125 instead of free credit monitoring. What happened?
The public response to the settlement has been overwhelming. Because the total amount available for the alternative compensations is $31 million, each person who takes the money option is likely to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.

The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.

mariezzz
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Re: Equifax breach settlement update?

Post by mariezzz » Tue Sep 10, 2019 10:04 am

dm200 wrote:
Tue Sep 10, 2019 8:01 am
Maybe we should have a "pool" on what the final cash payment will be for all of those getting the cash. Sure does not seem like it will be the $125 projected at some point in the past.

My guess: $43.00 :twisted:
Very optimistic. My prediction: $12.71. Might still be optimistic. Not even worth the time, but it will buy a beer. :sharebeer

bluebolt
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Re: Equifax breach settlement update?

Post by bluebolt » Tue Sep 10, 2019 10:05 am

mariezzz wrote:
Tue Sep 10, 2019 10:01 am
https://www.ftc.gov/enforcement/cases-p ... settlement
If you filed a claim before August 2, 2019, and requested the alternative compensation of up to $125, you will get an email letting you know that there are further steps you must take to get your benefits. Follow the instructions in the email. You must amend or verify your claim before October 15, 2019, or your claim may be denied.
...
5. I thought I could choose $125 instead of free credit monitoring. What happened?
The public response to the settlement has been overwhelming. Because the total amount available for the alternative compensations is $31 million, each person who takes the money option is likely to get a very small amount. Nowhere near the $125 they could have gotten if there hadn’t been such an enormous number of claims filed.

The free credit monitoring provides a much better value, and everyone whose information was exposed can take advantage of it. If your information was exposed in the data breach, and you file a valid claim before the deadline, you are guaranteed at least four years of free monitoring at all three credit bureaus (Equifax, Experian, and TransUnion) and $1,000,000 of identity theft insurance, among other benefits. The market value of this product is hundreds of dollars per year.
I filed before August 2nd and haven't received any email about verifying or amending my claim.

SimonJester
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Re: Equifax breach settlement update?

Post by SimonJester » Tue Sep 10, 2019 10:05 am

njuser wrote:
Tue Sep 10, 2019 8:41 am
My guess: $2.15.
My guess is $0.00 < $1.00, I believe if there are enough claims it will reduce the settlement below the $1.00 point.
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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Hayden
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Re: Equifax breach settlement update?

Post by Hayden » Tue Sep 10, 2019 10:12 am

Pete3 wrote:
Tue Sep 10, 2019 6:46 am
I have credit monitoring from Experian (free), they have additional premium monitoring services that are extra but the base service doesn't cost anything. I think I ended up with an Experian account from another breach-related free "premium" credit monitoring service offer years ago, once that expired it turned into just free "base" credit monitoring. I would assume that anyone could sign up for the free service as well.

Anyway I doubt that Equifax has access to the customer lists of the other credit monitoring companies - food for thought.

Edit: I did get the email and I put "Experian credit monitoring" in the form
I have this same Experian monitoring, so I checked the box for, I have monitoring.

If the service offered by Equifax is better, I think I will change my answer and take the free monitoring. Free multi-year monitoring is worth more to me than the small $ amounts being talked about.

I also am in the Yahoo(Aabaco) breach.

Anyone know how the monitoring offered by Yahoo compares with the monitoring offered by Equifax?

autolycus
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Re: Equifax breach settlement update?

Post by autolycus » Tue Sep 10, 2019 10:26 am

miamivice wrote:
Tue Sep 10, 2019 9:22 am
autolycus wrote:
Tue Sep 10, 2019 8:42 am
miamivice wrote:
Mon Sep 09, 2019 11:16 am
In my opinion, the judge should throw out this settlement. They offered people $125 in lieu of credit monitoring and folks might get $3. I think that is incredibly scammy on part of the attorney's and the judge should reject it.

I don't see the value of "credit monitoring". I do get alerts through a credit card if anything changes bad on my credit report and can also check my score every so often through my banks / credit cards, so I really don't need any type of "monitoring service".
It was always very clearly billed as "up to $125". Lazy reporters and social media are to be blame for making everyone think they would get an easy $125, not the attorneys or parties involved in the lawsuit. Anybody who read more than a half-way decent article would have fully understood how little money they were likely to get. Indeed, even the FTC weighed in on this subject, noting how the cash settlement would work: https://www.consumer.ftc.gov/blog/2019/ ... monitoring

Does your credit card include identity theft insurance or any sort of assistance with identity theft? Or just notifications? The Equifax monitoring that is part of the settlement will include monitoring AND insurance and assistance services. 10 years of that is almost certainly worth more than $125, let alone $50 or whatever the cash ends up really being.
No, the initial website of the attorney's for the class action (where I filed the claim) said receive $125, not receive up to $125. I found this up-front advertising what the cash payment would be was strange because it always depends on how many claims are received and class action lawsuits that pay cash rarely advertise how much cash will be paid up front.
I disagree with your assertions and will demonstrate why below. But beyond that, whether people were mislead by a web page about the settlement is ultimately irrelevant to whether it is an appropriate settlement or not. The settlement proposal was structured to make sure the people directly affected by the breach will be completely compensated for their time and the harm caused by the breach. That comes from a separate pool of money from the monitoring or cash alternative. The cash alternative is just intended to give some compensation to those who already have credit monitoring services. But... if someone is fine taking the alternative cash payment, they are acknowledging that they have not been harmed by the breach and essentially disclaim that they cannot in the future be harmed by the breach because of actions they are already taking. If someone is concerned about future harm from this breach, the appropriate and obvious choice is the credit monitoring and insurance from Equifax which is far more valuable than $125.

Why I disagree with your assertion that the website was misleading: Looking through the Wayback Machine, the first day you could submit a claim was July 24. On that date and on every date since then (EDIT: This could be unintentionally misleading on my part. They did change the page to completely remove the $ amount from the section quoted below, so it has not been identical the entire time since July 24, but it was always sufficiently clear that it was "up to $125", not "$125".), the page for the settlement (www.equifaxbreachsettlement.com) has a bold section titled "Your Legal Rights and Options". The second row of the table under that says (emphasis added):
File a claim for Credit Monitoring Services or Alternative Reimbursement Compensation
You must submit a claim in order to receive the Free Credit Monitoring Services offered under the settlement, or Alternative Reimbursement Compensation up to $125 if you already have credit monitoring. For more detailed information, see FAQs 8 and 10 .

Deadline: January 22, 2020
FAQ 10 addresses the Alternative Reimbursement Compensation (emphasis added):
Settlement Benefit: Cash Alternative Reimbursement Compensation: If you already have some other kind of credit monitoring or protection services, and do not claim the free Credit Monitoring Services available through the settlement, you may file a claim for Alternative Reimbursement Compensation for up to $125. To claim Alternative Reimbursement Compensation you must certify that you have some form of credit monitoring or protection services on the date you submit your claim form and that you will keep those services for a minimum of six (6) months.

You should keep in mind that:

The deadline for all claims for Alternative Reimbursement Compensation is 01/22/2020.
If you claim Alternative Reimbursement Compensation, you cannot claim free Credit Monitoring Services.
If you claim Alternative Reimbursement Compensation, you cannot also seek reimbursement for purchasing credit monitoring or protection services covering the 6 month period after you make your claim. However, you can still make other claims for Time Spent or Out-of-Pocket Losses.
If there are more than $31 million claims for Alternative Reimbursement Compensation, all payments for Alternative Reimbursement Compensation will be lowered and distributed on a proportional basis.

miamivice
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Re: Equifax breach settlement update?

Post by miamivice » Tue Sep 10, 2019 10:52 am

I used the mobile site, and it something along the lines of get $125 cash as an alternative if you already have credit monitoring. I made a mental note that it was interesting that the webpage where I signed up did not say "up to" because of course it was "up to". The website was written such that the $125 was a flat guaranteed amount, not a $31 million pool divided by number of claims.

It's fine if you disagree that the judgment should be thrown out, but please don't argue with me about what I saw on their website. I saw what I saw and I will stand behind that.

(Edit: This website shows screen by screen the claim process. If you look at the text next to the box you check, it clearly says claim $125, not claim up to $125. This is Section 1, Option 2. This particular screen shot references $125 three times. Two locations is a flat $125, and the third says "up to". Keep in mind this is the desktop site and I was using the mobile site which displays less text, and I don't believe my mobile site said "up to" anywhere on it.)

https://www.theverge.com/2019/7/25/8930 ... -up-how-to)

Yes, I knew it wouldn't be $125...I am not saying I was fooled, but I am sure plenty of people will be disappointed when they get $3 rather than $125.

Calli114
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Re: Equifax breach settlement update?

Post by Calli114 » Tue Sep 10, 2019 11:28 am

I got the email.
Overall it's a lose-lose.
The money will be piddly and my credit is frozen, so what good will free credit monitoring do me?

Pete3
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Re: Equifax breach settlement update?

Post by Pete3 » Tue Sep 10, 2019 11:44 am

Hayden wrote:
Tue Sep 10, 2019 10:12 am
If the service offered by Equifax is better, I think I will change my answer and take the free monitoring. Free multi-year monitoring is worth more to me than the small $ amounts being talked about.
I agree that the Equifax service is probably going to end up being worth much more than the mere pittance that we end up when the limited pool of money allocated is split by so many people requesting the cash option but I refuse to accept their monitor service out of principle.

Equifax has already demonstrated their gross incompetence, giving them the responsibility to protect my credit is just adding insult to injury. I'd rather take a quarter from them instead of accepting any more "service" from them.

PluckyDucky
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Re: Equifax breach settlement update?

Post by PluckyDucky » Tue Sep 10, 2019 11:47 am

miamivice wrote:
Mon Sep 09, 2019 7:56 am
While I haven't looked into it, I suspect that the attorney's were overzealous in offering $125 to each person affected. The final settlement will be far smaller (I am guessing $4), and they are likely giving folks a second chance to pick credit monitoring.

However, if you look at the e-mail, the "10 years" has disappeared from credit monitoring. I suspect the pot of money is not large enough to buy everyone 10 years of credit monitoring. As a result, I suspect the amount of credit monitoring might be far smaller (say 1 year).

I am not going to look into this further as the amount of time I want to spend to claim $4 cash or 6 months credit monitoring is pretty small.
Can I change to opting out now?

clip651
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Re: Equifax breach settlement update?

Post by clip651 » Tue Sep 10, 2019 11:56 am

Pete3 wrote:
Tue Sep 10, 2019 11:44 am
Hayden wrote:
Tue Sep 10, 2019 10:12 am
If the service offered by Equifax is better, I think I will change my answer and take the free monitoring. Free multi-year monitoring is worth more to me than the small $ amounts being talked about.
I agree that the Equifax service is probably going to end up being worth much more than the mere pittance that we end up when the limited pool of money allocated is split by so many people requesting the cash option but I refuse to accept their monitor service out of principle.

Equifax has already demonstrated their gross incompetence, giving them the responsibility to protect my credit is just adding insult to injury. I'd rather take a quarter from them instead of accepting any more "service" from them.
Yeah, this. I personally don't think free credit monitoring from the company responsible for a humongous breach of personal credit information is valuable to me. Wish there was a way to opt out from them having any of my information, ever again. I'd almost be willing to pay them a small fee for that, if I could trust them to actually do it!

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Re: Equifax breach settlement update?

Post by DaftInvestor » Tue Sep 10, 2019 12:16 pm

I passed on a "up to" class-action years ago assuming I wouldn't get any more than a couple of dollars. In that one - they ended up paying out the max which was $400 so I ended up kicking myself.
I will take the "up to" $125 for a few minutes of filling out a web form. Some folks are thinking it will be far less so aren't bothering. If there are enough that don't bother either because they don't get around to making a decision or decide it isn't worthwhile those remaining could actually end up with a $125 ($250 with spouse and I).
Why anyone would sign up for their credit-monitoring is beyond me. Its useless but, as pointed out in a prior thread, is also free through numerous credit-cards, etc. (I signed up through a Credit Card simply to make the claim with Equifax).

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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Tue Sep 10, 2019 1:35 pm

DaftInvestor wrote:
Tue Sep 10, 2019 12:16 pm
I passed on a "up to" class-action years ago assuming I wouldn't get any more than a couple of dollars. In that one - they ended up paying out the max which was $400 so I ended up kicking myself.
I will take the "up to" $125 for a few minutes of filling out a web form. Some folks are thinking it will be far less so aren't bothering. If there are enough that don't bother either because they don't get around to making a decision or decide it isn't worthwhile those remaining could actually end up with a $125 ($250 with spouse and I).
Why anyone would sign up for their credit-monitoring is beyond me. Its useless but, as pointed out in a prior thread, is also free through numerous credit-cards, etc. (I signed up through a Credit Card simply to make the claim with Equifax).
I suppose something is almost always better than nothing. Now, in semi-retirement, I don't think the time I spent filing was "worth" a lot in equivalent dollars.

The more folks that "don't bother", the more the rest of us will get.

PluckyDucky
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Re: Equifax breach settlement update?

Post by PluckyDucky » Tue Sep 10, 2019 2:17 pm

DaftInvestor wrote:
Tue Sep 10, 2019 12:16 pm
I passed on a "up to" class-action years ago assuming I wouldn't get any more than a couple of dollars. In that one - they ended up paying out the max which was $400 so I ended up kicking myself.
I will take the "up to" $125 for a few minutes of filling out a web form. Some folks are thinking it will be far less so aren't bothering. If there are enough that don't bother either because they don't get around to making a decision or decide it isn't worthwhile those remaining could actually end up with a $125 ($250 with spouse and I).
Why anyone would sign up for their credit-monitoring is beyond me. Its useless but, as pointed out in a prior thread, is also free through numerous credit-cards, etc. (I signed up through a Credit Card simply to make the claim with Equifax).
The funny thing is that if everyone ends up getting $0.25 a piece, the COST of sending everyone that quarter will be triple to quadruple the payout per person.

Check, signature, envelope, mail.

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Re: Equifax breach settlement update?

Post by meebers » Tue Sep 10, 2019 7:45 pm

PluckyDucky wrote:
Tue Sep 10, 2019 2:17 pm
DaftInvestor wrote:
Tue Sep 10, 2019 12:16 pm
The funny thing is that if everyone ends up getting $0.25 a piece, the COST of sending everyone that quarter will be triple to quadruple the payout per person.

Check, signature, envelope, mail.
I have been successfully getting rebates (check) via email. Have not had any trouble with them yet. So cost to them would be XXX ?

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Re: Equifax breach settlement update?

Post by ryman554 » Wed Sep 11, 2019 6:17 am

Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
It's credit monitoring, isn't it?

I also have creditWise via capital one 360, and they irritate me monthly with "updates".

And there is the credit monitoring via Chase (My Credit Journey)...

I tried to list all three, but the text box doesn't accept many characters. Whatever I need, it isn't more credit monitoring.

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Cheez-It Guy
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Re: Equifax breach settlement update?

Post by Cheez-It Guy » Wed Sep 11, 2019 6:24 am

I don’t care if my check is for 12 cents like Jerry’s royalty checks from the Super Terrific Happy Hour Show in Japan — they’re going to pay me. It would almost be fitting if the amount of the check was less than the postage to mail it to me. And I’m going to cash it.

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Re: Equifax breach settlement update?

Post by nisiprius » Wed Sep 11, 2019 6:44 am

Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
I feel sure they won't accept my CreditWise "credit monitoring." My expectation is that in a few months we'll get some elaborate request for detailed documentation about our credit monitoring and will then be told that if you're not paying for it, it doesn't count.

I feel sure the whole thing has been a charade, intended to get Equifax off the hook without spending real money, and that there's never been any serious intent to pay cash money--the $125 is only there to provide a defensible claim for PR blarney that the credit monitoring is "worth" that much, and that by providing it to X million folks they have made a "$Y billion" settlement.

The least aggravating thing would be just to write it off as another lie and get on with life, but I am going to pursue it for a bit anyway. It will be "interesting" to see if someday I actually get a check for a tiny amount, or whether most people who pursue the cash option will literally not see a penny. My expectation is that we will encounter more and more pressure to opt for the credit monitoring and that our last chance to get it will expire before we know the outcome from asking for the cash option.

I feel that the FTC ought to hold Equifax to the expectations created by their initial press releases--expectations so reasonable that reliable news organizations reported those expectations as facts ("how to claim your $125," etc.) Here's what the FTC said originally. Yes, I do see that weasel-word "request," but there is no suggestion that the request is not for $125, but for a prorated claim on a pool of money that's only a few percent of the size it needed to be.

Equifax Data Breach Settlement -- SUMMARY OF BENEFITS
up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring.
Image
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Re: Equifax breach settlement update?

Post by nisiprius » Wed Sep 11, 2019 7:07 am

ryman554 wrote:
Wed Sep 11, 2019 6:17 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
It's credit monitoring, isn't it?
I think so, and you think so, and Cloud thinks so, but does Equifax think so?

My guess is that the "$125" was probably put in at the behest of companies selling paid credit monitoring, who didn't want to see millions of accounts cancelled by people getting free credit monitoring via the settlement. I don't think there is any good-faith intent to pay cash money to you and I and Cloud, unless that money is, in effect, going to go right back into the hands of the credit bureau system. If I am right, then you and I and Cloud will get disqualified.

(I have to rely on memory because now that I've "amended" my claim I can't see the claim form again, but if you haven't, please tell me: did you just type in the name of your credit monitoring service? Or did they make us pick from a list of "name-brand" credit monitoring services and enter anything else as "Other?")
Last edited by nisiprius on Wed Sep 11, 2019 7:41 am, edited 1 time in total.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

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Cheez-It Guy
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Re: Equifax breach settlement update?

Post by Cheez-It Guy » Wed Sep 11, 2019 7:17 am

It was just typed in. Don’t forget the weasel words, “up to”.

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dm200
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Re: Equifax breach settlement update?

Post by dm200 » Wed Sep 11, 2019 9:11 am

nisiprius wrote:
Wed Sep 11, 2019 6:44 am
Cloud wrote:
Mon Sep 09, 2019 9:27 am
I wonder if they will accept the free creditkarma monitoring I've had for years and still have.
I feel sure they won't accept my CreditWise "credit monitoring." My expectation is that in a few months we'll get some elaborate request for detailed documentation about our credit monitoring and will then be told that if you're not paying for it, it doesn't count.
I feel sure the whole thing has been a charade, intended to get Equifax off the hook without spending real money, and that there's never been any serious intent to pay cash money--the $125 is only there to provide a defensible claim for PR blarney that the credit monitoring is "worth" that much, and that by providing it to X million folks they have made a "$Y billion" settlement.
The least aggravating thing would be just to write it off as another lie and get on with life, but I am going to pursue it for a bit anyway. It will be "interesting" to see if someday I actually get a check for a tiny amount, or whether most people who pursue the cash option will literally not see a penny. My expectation is that we will encounter more and more pressure to opt for the credit monitoring and that our last chance to get it will expire before we know the outcome from asking for the cash option.
I feel that the FTC ought to hold Equifax to the expectations created by their initial press releases--expectations so reasonable that reliable news organizations reported those expectations as facts ("how to claim your $125," etc.) Here's what the FTC said originally. Yes, I do see that weasel-word "request," but there is no suggestion that the request is not for $125, but for a prorated claim on a pool of money that's only a few percent of the size it needed to be.
Equifax Data Breach Settlement -- SUMMARY OF BENEFITS
up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring.
Image
We shall see!

I have the opposite opinion. Verifying such credit monitoring for every claimant would be, in my opinion, a massive effort and cost. My guess is that there will be no such verification and that Equifax hopes and expects most folks to believe that this offer of free credit monitoring has considerable "value" to them. Who knows, though?

The statement "up to 10 years of free credit monitoring OR $125 if you decide not to enroll because you already have credit monitoring." to me has some ambiguity. Does the "up to" apply to only the "ten years of free credit monitoring" only or to the $125 as well? I suppose, though, ambiguity and weasel words may be very intentional.

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